Trading Idea - Is FLIR Systems close to Support?

Published on Monday, 08 February 2010 07:07 Written by TradersHuddle Staff

New York, Feb 8^th (TradersHuddle.com) - Shares of FLIR Systems, Inc. (NASDAQ:FLIR) are trading very close to calculated support at $29.4 with current price action closing at just $29.51 places the stock price near levels where traders will start paying attention.

FLIR Systems, Inc. (NASDAQ:FLIR) designs, manufactures, and markets thermal imaging and broadcast camera systems for a variety of applications in the commercial and government markets.

FLIR's current stock range is defined by current calculated support defined at $29.4 and by the resistance level at $33.35, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to FLIR's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $33.35 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.